DRB plans to issue new shares at an indicative price of 1.95 ringgit per share in exchange for the stake, the firm said in a statement on Thursday.

Trading DRB shares had been suspended for the announcement, with the stock last traded at 1.93 ringgit.

DRB, controlled by Malaysian tycoon Syed Mokhtar Al-Bukhary, has been on the acquisition trail in recent months. In July, it said it would pay 720 million ringgit (2.1 million) for a power plant operator and, a month later, it announced plans to buy a 20 percent stake in car retailer Edaran Otomobil Nasional (EON) from Jardine Strategic, and make an offer for the rest of EON shares it does not already own.